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Tiffany Montgomery
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Dick's Q1 results exceed expectations

By Tiffany Montgomery
May 18, 2010 6:00 AM

Dick’s Sporting Goods reported stronger than expected same store sales and profits this morning for the first quarter ended May 1.

As a result, the company raised earnings estimates for the year.

Q1 results

Net sales: up 9.9% to $1 billion

Total same store sales: up 8.2% vs. its forecast of a 2% to 3% increase.

Dick’s stores same store sales: up 7.6%

Golf Galaxy stores: up 12.4%

E-commerce same store sales: up 15.2%

Net income: $26.2 million, more than doubling vs. the same period last year.

Cash: $207 million

Long term debt and leasing obligations: $141 million

New stores: 5

Total stores: 424 in 41 states

Q2 forecast

Same store sales: up 4% to 5%

Full year forecast

Earnings per share of $1.41 to $1.44 vs. previous estimate of $1.32 to $1.35.

Same store sales: up 3% to 4%

New Dick’s stores: 24

 

 


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